William Lipovsky
TD Auto Finance handles repossessions on a case-by-case basis and will factor in the terms of your contract, state laws, your payment history, and your willingness to make up any missed payments.[1][2]
TD Auto Finance also has a grace period for late payments before it will pursue repossession, though the timing varies on an individual basis.[1]
Below, I explain more about TD Auto Finance’s repossession policy, including when it reports late payments, whether it accepts voluntary repossessions, and what to expect after a repossession.
TD Auto Finance Repossession Policy
TD Auto Finance doesn’t have a standard vehicle repossession policy. Instead, it handles repossessions on a case-by-case basis.[1][2]
It’s best to call TD Auto Finance at (800) 556-8172 as soon as possible to discuss your options.
In general, TD Auto Finance will do its best to work with you and discuss alternatives to help you avoid the negative impact of repossession on your credit.[2]
The company will consider the terms of your contract, your payment history, whether you express an intent to pay, and the laws in your state.[2]
If you’re unsure about the laws that apply to you and your vehicle, see more on repossession laws by state.
Grace Period
TD Auto Finance offers a grace period on late auto loan payments. This is unique to each customer and you can find details in your loan contract.[1]
It generally reports late payments to the credit bureaus once they reach 30 days past their original due date.[2]
Tip: You can request a payment deferral for up to two monthly payments if you originally took out your loan through TD Auto Finance at a dealership. Note that TD Auto Finance adds these payments to the end of your contract and they will accrue interest.[3]
Repossession Process
Voluntary Repossession
If TD Auto Finance is unable to work with you to help you avoid repossession, you can contact the company about surrendering your vehicle. This is known as a voluntary repossession.[2]
You’ll still owe the vehicle payoff amount. However, the benefit of a voluntary repossession is that you may avoid some of the fees associated with involuntary repossession.[4][2]
Repossession fees often include storage, towing, lender fees, and other charges; they may total several hundred dollars or more. See more on how much repossession fees cost.
Involuntary Repossession
Once you’re in default, the lender can legally take the car from you at nearly any time or place.[4]
A repossession agent will tow it from your home, workplace, a public parking lot, or anywhere that the vehicle is accessible without violating breach of peace laws.[4]
Some states require advance notice before the company takes physical possession of the vehicle. See more on how the repossession process works.
After Repossession
Following a repossession, TD Auto Finance no longer handles dealings with the repossessed vehicle. Instead, it hands over the case to another company.[2]
Whether the repossession was voluntary or involuntary, you may still be able to get your vehicle back.[2]
You will have to reach out to TD Auto Finance to find out which company is handling the repossession and how to get in contact with that company.[2]
Keep in mind that after repossession, you’ll still owe money to the lender. If you don’t make arrangements to get the car back, the company handling the repossession will likely sell your car at an auction and apply the amount earned from this sale to the balance of your loan.[4][5]
In this case, you’ll still be responsible for paying the remainder of the balance (known as the deficiency balance) as well as any fees associated with the repossession.[4][5]
FAQ
You have the right to take back any personal property left inside a repossessed vehicle. Keep in mind that you have a specific amount of time to pick these items up, which varies depending on your state’s laws.[4]
TD Auto Finance reports to credit bureaus on the 15th and 30th of each month.[1]
You can only request a payment deferral once every 12 months.[1]
In Summary
TD Auto Finance handles vehicle repossession on a case-by-case basis and does its best to work with you to avoid this situation.[1][2]
There is a grace period for late payments, detailed in your auto loan contract, and TD Auto Finance reports late payments to the credit bureau 30 days past their due date.[1][2]
If you feel a repossession is unavoidable, you may be able to save on fees with a voluntary repossession.[2]
Following the repossession of your car, you can contact TD Auto Finance to find out what company is handling the vehicle and how to get it back.[4][2]
If you have any questions or concerns, I encourage you to add them in the comments section below. If you’ve been through a repossession with TD Auto Finance, feel free to share your experience as well.
